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The Willis Report

News/Business. Host Gerri Willis. New.

NETWORK

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01:00:00

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San Francisco, CA, USA

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Comcast Cable

TUNER
Virtual Ch. 130 (Fox Business)

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mpeg2video

AUDIO CODEC
ac3

PIXEL WIDTH
704

PIXEL HEIGHT
480

TOPIC FREQUENCY

Fema 17, U.s. 11, Gerri 7, Us 6, New York City 3, Shiller 3, Sandy 3, Dr. Shiller 3, Rick Reichmuth 2, Usps.com 2, Scottrade 2, Lorenzo 2, New Jersey 2, Houston 2, Chris Christie 2, Usair 2, Siemens 2, The United States Postal 2, Katrina 1, Gerri Willis 1,
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  FOX Business    The Willis Report    News/Business. Host  
   Gerri Willis. New.  

    February 7, 2013
    6:00 - 7:00pm EST  

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>> i'm telling a story, adam. i think this is important precedent setting. this whole national dialogue on entitlements and whether or not to raise the retirement age -- >> i do not want to see a 67-year-old pole dancer, do you? >> my point exactly. >> thank you. [laughter] >> these people not just women, men too, need unemployment -- hard work. melissa: male stripper, you've got to love that. >> they're an underrepresented demographic. melissa: i've never been to a strip club with you, what are you talking about? >> whoa, whoa, whoa, back up there. melissa: what is going on? i'm losing control here. [laughter] [inaudible conversations] >> between 2 and 5. you and i hit the town, sweetie. melissa: oh, my god. >> you taught me everything i know, melissa. melissa: i don't even know where we are in the story now. the fiscal cliff was stressful enough, but now we are approaching what gold's gym calls, quote, the physical cliff. this is when people's new year's resolution motivation starts to
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wear thin. the check-in pattern other a three-year period -- this is the day we all fall off the cliff. >> you need to be easier on yourself because the fact is good health, good habits, it's better for your brain than your body. and when you continue to do it for your mental health -- >> have a drink at the strip club and then go get audited by the irs. [laughter] >> what's wrong with that? [inaudible conversations] >> that's when you fail at personal fitness. >> you know what? i totally lost control of this segment. we will see you back here tomorrow. [laughter] coming up next -- [inaudible] [laughter] gerri: hello, everybody, i'm gerri willis. tonight on the will lit report, new create similar of fema and its ability to handle a crisis. proof tonight that private business does it better, quicker and cheaper. also is pie ago house -- buying a house just for suckers? controversial comments from a prominent housing economist. and the u.s. airlines/u.s. air
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her injurier. what it means the next time you fly. "the willis report" is on the case. ♪ gerri: all that and more coming up, but first, our top story tonight. nearly half the country bracing for major snowstorm. however, we are still dealing with the aftermath of another storm, sandy. but the red tape surrounding fema's national flood insurance program is leaving homeowners and businesses out in the cold with more on this, stephen moore, editorial board member for the wall street journal. welcome to the show. always great to have you here. >> thank you. gerri: you look like you're in a safe, warm place, which is good. [laughter] it's going to be a doozy, right? >> two feet of snow. gerri: i want you to hear what chris christie, the governor of new jersey, had to say. boy, is he upset with fema. here he is.
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>> people need to know how much money they're going to have from their flood insurance to be able to rebuild, repair their homes. the national flood insurance plan has stunk. gerri: it stunk. you heard that, and i think he's probably got it right. why can't the federal government get money out to people in these kinds of cases? >> you know, gerri, it's a little frustrating that governor christie is saying what he's saying right now about the fact that fema hasn't perform performed, because, you know, it was two days before the election when he threw his arms around barack obama and said how wonderfully the federal government was responding to the storm. and now we found out, what, eight weeks later that this has been really a catastrophic, you know, dealing with the storm. and this is not new, gerri. you know, this is exactly what happened with hurricane katrina in new orleans where it took weeks and weeks and weeks for the aid to get there for the people who needed it. and, you know, my complaint here is, gerri, call me old-fashioned, but what about going back to the old idea where local communities were in charge
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of their own clean-up from these kinds of natural disasters? i look back at the evidence from what happened after the great chicago fire, what happened after the san francisco earthquake and so on, most of the aid for those -- and, by the way, the cleanup was done very quickly and efficiently, and those cities were rebuilt and rebuilt mostly with private money and private charities and local organizations. gerri: right. >> i don't know, why couldn't we do that today? gerri: i have to tell you, we spent some time looking for the requests for fema aid, they just go up, up, up, up, up. it bears no resemblance to really the disasters going on the world, what's going on concern. >> that's right. gerri: it doesn't matter, it's a way to get federal dollars. but when it comes to the national flood insurance program, people pay for their coverage. i'm not against them getting their coverage if they've paid for it, but the reality is the government can't get the money out the door. they do a lousy job. take a look at these numbers. >> okay. gerri: when you talk about resolve sandy-related claim,
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fema's fulfilled 40-50%, that's all, maybe 50%, maybe not. private companies, 85%. i mean, the difference there is astounding. and when you make the point that maybe we should just turn it over, all of it, to the private insurers, well, maybe that's just the way to go. >> you know what's ironic about those numbers that you have on the screen there about the percentage of people who got private sector relief from their insurance companies versus fema is most people complain about the private insurance companies not being good about doling out the money, and yet it's amazing, isn't it? fema's even worse. [laughter] i think one thing about this story that we should not overlook is that one of the aspects of flood insurance that creates what we as economists call a moral hazard is, you're right, a lot of people take out the flood insurance, but that almost encourages people to build in hurricane areas or areas next to rivers, you know -- gerri: and, you know, we are off sub si dieding people who are very wealthy to rebuild and
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rebuild and rebuild in areas they shouldn't even be in. >> that's right. gerri: another fact that i want you to talk to me about here, fema is picking up the tab for some 1300 hurricane sandy victims to have hotel rooms in new jersey. let's think about this. let's do the math. 1300 people overnighting for, what, 150, $3300 a night every night -- $300 a night? fema doesn't get the check out, they pay more and more. the tax tab just keeps going up, up, up, up, up, up. >> well, i'm not surprised because this is just the nature of government relief. gerri: it sure is. >> it isn't very cost effective. this ties in to the other big story that's going on this week in washington which is, you know, whether these federal agencies can, you know, cut five cents out of the dollar, you know, in these sequester cuts and all the agencies are saying, oh, my goodness, we can't possibly absorb these cuts. jr. jer that's going to be our deficit this year. are you happy about that? we're under a trillion.
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whoo hoo, throw a party, right? >> and the sequester's supposed to cut that by a grand total of about 10%. but fema's a perfect example of what i'm talking about. does anybody not really believe that fema couldn't increase its efficiency by 5%? my goodness, that's nothing given the kind of waste, fraud and abuse that you've shown on this show. look, they could easily do that. gerri: well, that would be a starting point. that's not the whole way to go, that's for sure. there's more to be done. >> but let's go back to my original idea. why can't we get back to the old-fashioned idea of people getting relief from their local governments and state governments and churches and people in their area? i was in houston not long ago, and people were say, you know, we had a terrible storm in houston. very few people got federal relief, and the homes that were damaged and the stores that were damaged were very rapidly rebuilt with almost no federal money. when did we get this idea that everything has to be a federal responsibility? gerri: it's a big public
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program, a big pot of money that people like to dip into. it's free cash. i mean, let's face it. you know, you make the claim to congress, look, you know, this is awful, it's terrible, we need the dough, and they get it. well, steve, it's always a pleasure having you on. come back soon. >> thank you, gerri. >> gerri: i hope you don't get caught in the storm this weekend. >> you too. take care. gerri: thank you. well, one state official witnessing the impact of fema's ineffectiveness firsthand, new jersey state senator joe ca ril close joining me now. you -- >> you said it right. fema's not right. gerri: how is the federal government impacting your area? >> listen, the flood insurance program has been a disgrace as the governor pointed out. i represent the monmouth county bay shore, monoand ocean counties and others around the state. really hard hit. tens of thousands of a people still out of their homes. gerri: people in hotels, this is
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ridiculous. >> they've got to leave sometimes on weekends because the weddings are booked, and the management kicks them out. so this has been a really -- gerri: you don't think chris christie was out of bounds. >> no, not at all. gerri: so on the one hand he's holding hands with the president, merrily running through new jersey, and on the other hand it's like the government's not helping me. what's -- that's a conflict. >> listen, we've got a partner with our congressional delegation and members of congress everywhere and the president to help people get back on their feet. they've lost their lives to a great deal at least for this moment in time in their lives. their memories, living on second floors if they're in their homes at all. gerri: 346,000 homes in new jersey -- gerri: -- damaged or ruined. >> the people in our areas and around the state as a whole have been really, really patient. people weren't -- gerri: not -- [inaudible] >> they weren't quite as patient
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in louisiana. but now it's coming to the surface, and the governor's signaled it, and i met with some fema guys this week, and i said you have to do better. why can the private sector, the private insurance companies deal with 80% of the claims and the government program deal with 20-odd-percent? they take 12 hours -- gerri: well, i'm going to take your theory here and expand upon it. >> yes, ma'am. gerri: why shouldn't fema be privatized? why shouldn't the national flood insurance program be turned over to private insurance? >> i don't know if the private sector can get their hands around this big flood program. but the claims process -- gerri: the federal government can't. >> the administration process absolutely should be privatized. and it is to some degree. gerri: it is. >> but the rules, the regulations that are imposed are so ridiculous -- gerri: like what? >> that they're paralyzed. the adjustor's got to take 12 hours per situation, that people
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have to have serial numbers on their personal items that are washed out to e -- to sea or photographs or whatever. it's just too difficult. we've got to deal with waste and fraud and abuse, for sure. all the taxpayers including the -- gerri: serial numbers? serial numbers? are you saying that there's fraud and abuse in fema? >> i think that they are excessive to the extreme. and the proof is in the pudding. gerri: but, i mean, it's too different things to say on the one hand the program's not working and that the regulations are too tough, too stiff, too own rouse, and it's another thing to say it's waste, fraud and abuse. which of those two are you saying? >> well, we don't want waste, fraud and abuse from people trying to game the system. but people that are paying their premiums and have been devastated and are promised this money from the president of the united states on down, let's get to it. let them get back into their homes and rebuild their lives. gerri: it's ridiculous. all right.
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thank you so much. i appreciate it. >> good to be with you. gerri: i share your frustration in this situation, i really do. >> thank you. gerri: wow. you know, it's been just over a hyundais since superstorm sandy hit, and the northeast is preparing for another major storm, and it's already disrupting air travel. more than a thousand flights have already been canceled for tomorrow already, and states and city officials are preparing for what's being called another monster storm. hear -- here with the latest forecast, fox chief meteorologist, rick reichmuth. great to see you, mister. i -- i think we lost rick there. it's too bad, he was going to tell us about the storm. maybe we'll get him back a little later in the hour. but we've got more to come still in this hour including the latest on a possible merger between two major airlines and what it means for you. and one of the biggest names in housing says your home is not a good investment. is he right? answers next. don't go away.
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gerri: i know you've heard about the bg snowstorm coming to the northeast. here with the latest, fox news chief meteorologist rick reichmuth. rick, i think we've got you now. can i hear you now? >> reporter: i changed my batteries. i've been talking too much today. gerri: you're run by a battery? i had no idea. [laughter] >> this is the only way to get through these storms. we have a storm down across the south bringing very heavy rain, and we have this storm in towards the northern plains bringing some snow. those two storms are going to get together tomorrow afternoon and produce a kind of classic nor'easter. very strong storm, and with this we have blizzard warnings in effect from coastal areas of maine all the way down now
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through new york city. so we're going to be talking about winds in excess of 35 miles an hour, near-zero visibility, so driving is out of the question tomorrow afternoon and overnight likely and throughout much of the morning on saturday. winter storm warnings across interior sections. snowfall totals are going to be extreme. a bull's eye, i believe, just to the west of boston, well over two feet of snow for a few isolated areas. but a big chunk of this area of the northeast, all of new england, seeing well over a foot of snow. we've been talking about new york city as one of the areas we thought would be a little bit more rain, but i think we're going to be seeing a little bit more snow, and i'll explain. a foot, foot and a half of snow around new york city just to the north, but northern jersey and a 40-mile difference we're talking about a difference of probably about a foot of snow, and that's because this is right on the line of mixing here, so you go in towards tomorrow afternoon, you see this pink, that might be a little rain getting very close to new york city, snow to the north of it. but i think we're going to have
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enough cold air in place that we're going to see snow throughout much of tomorrow, and that's going to bring very heavy snow all the way through tomorrow night into saturday morning. by saturday afternoon it's gone, but travel, gerri, unfortunately, all weekend long -- sunday afternoon we'll start to see some of those flights get back, but it's going to be a big backlog and big ramifications for a number of days. gerri: you know, it sounds like those victims of sandy are going to get hit all over again. >> you said it. and a lot of coastal flooding with this, kind of a storm surge that you generally think of with a tropical storm. we're going to see a storm surge, so a lot of those beaches that took the battering and those homes that were flooded, unfortunately, another round here. gerri: all right. you're going to need more batteries. that's my outlook. rick, thanks for coming on tonight. >> reporter: you're welcome. gerri: hart. a prominent housing economist -- on to a different topic, housing -- he's saying millions of americans have the wrong idea of housing. robert shiller telling fbn in
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many cases people are better off renting than buying. he also says housing is not an investment, and the price gains we saw in the last decade might take generations to happen again. so much for the american dream. the executive vice president of carrington holdings joins me now. always great to see you, rick. >> you too, gerri. gerri: i really believe shiller's a perma-bear. how do you read his comments? do you agree with him? >> i was, actually, quite a bit surprised to see the comments. i agree with you, dr. shiller tends to be very bearish. but people with money looking to invest are voting completely differently than what dr. shiller was talking about. we're seeing millions and millions of dollars coming in from offshore looking at u.s. real estate as being a safe investment and looking to buy physical assets as opposed to investing in paper. so just in terms of strict investment capability or investment interest, housing continues to be a hot topic. gerri: it's a hot topic, but
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there are even a lot of people out there who were eager to get into the housing market were never able to. they hear something like that, they stay on the sidelines because, you know what? all they can remember is the last four years of the housing market, and it's all bad news. what would you say to those people? >> i would say it's time to get back into the water because they're fine right now. we're looking at home prices that are still way, way off the peaks. gerri: right. >> even with the increases we've looked at, they're back to about 2003 levelings. financing has never been more affordable. and if you're looking to buy a place to live in almost every major metropolitan area in the country right now, it's actually cheaper to pay a mortgage than it is to rent. so this is one of those cycles where you're getting into that property near the bottom, and there are still economic advantages for people to buy houses. where dr. shiller's probably right is people really should be looking for a place to live rather than their best financial investment. still in the long run, a house
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tends not to be that bad an investment. gerri: right. especially in the hong run, i think. the federal reserve has found that the biggest amount of cash that a people have stored up over their lives typically in their house. there is something that i agree with him he said. shiller said that the 2000 bubble was a fad, aad i agree with that. it was frothy, it was silly, and it got out of control. but let's point out some of the positive numbers here. sales -- prices up 5.5% according to case shiller, november over november. that was good news. and the national association of home builders, they say the recovery has spread to 70% of metro areas in this country. think about that, 70%. i mean, here we are on the cusp of what could be another boom in the housing market with interest rates at lows, and people are still scared to get in. >> well, a couple things. if you're looking at housing as an investment, you really need to be looking at it as an investor, not as somebody who's
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going to be living on the property. we're going to see even more demand for rental properties than we have in the last few years as household demographics explode. so right now to be able to buy a house at a relatively low price with very low financing and be able to find a renter is a very attractive opportunity for an individual investor who understands what's going on in his or her local market. but you're right, the frothiness we saw early in the decade of the 2000s really led to the downfall we've seen over the last few years, and both of those were aberrations. if you look at housing over the long term and look at the numbers historically, it typically goes up. gerri: all right. rick, thanks for coming on tonight. it's always great to see you. >> anytime, gerri. gerri: and all day, all day tomorrow here on fbn we're taking an in-depth look at the housing market. we're covering the story from all angles and from all over the country. in our hour we'll be joined by two of the most successful real estate professionals in the business, dolly lenz and real
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estate mogul barbara corcoran. i spent some of the afternoon today with dolly in a fabulous apartment. take a look at this that just hit the market. millions and millions of dollars. she'll share some great advice for buyers and sellers no matter what your budget is. so join us all day tomorrow for our series of special reports, "the real estate story -- the real real estate story, or" whether you're a buyer, sell or just staying put, don't think about doing anything until you've watched our reports. and coming up later in the show, a dire warning issued by congress. will they listen? and, next, american and us airways about to become one. complete coverage after the break. ♪
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what with the world's largest airline means for you, your ticket price, and where you fly, and next.
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gerri: they said would happen and it seems not but american airlines and usair ways are closer to a deal to merge, it could be announced next week, but what does it mean for the industry? the world's biggest airline for starters for a market cap of $10 million much higher than the united continental merger. it would be 2.5 larger by
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capacity and by traffic. you would own it that american creditors would don't three-quarters, u.s. shareholders 25%. american has been wallowing in bankruptcy since 2011 and posted one point* $7 billion loss. this would bring them out of whole and with a string of bankruptcy's mergers have become the new black. no carrier has gone into bankruptcy has survived without a merger. it merged with continental air white -- airwaves to file chapter 11 in merging with each other. this has happened many, many times before. many of you know, to expect
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any changes will not be felt for a while. appeal already booked a flight, don't panic. the airlines could not start making changes until after the merger is approved as a big of chief judge and a runner justice. that will take months. there will be rising airfares with less people to choose from an with rising fuel prices you get a higher ticket prices. you don't have to worry about drawdown of service since the routes are similar and american will maintain service, but the big question is the frequent flier program. since they have different approaches to the perks, we
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will not lose the miles you have racked up if history is a guide. miles are merged into a single account if you have occurred miles from both but it will remain american airlines and the most likely scenario, one world alliance will be the program to stay in place. but u.s. airways will be in control that means serious lack of availability that's u.s. air treats as the unwanted expense. this may not even be approved but the airline mergers are here to stay in terms of prices could be higher in the long term.
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your financial advisor should focus on your long-term goals, not their short-term agenda. [ woman ] if you have the nerve to believe that cookie cutters should be for cookies, not your investment strategy. if you believe in the sheer brilliance of a simple explanation. [ male announcer ] join the nearly 7 million investors who think like you do: face time and think time make a difference. join us. [ male announcer ] at edward jones, it's how we make sense of investing. we all work remotely so this is a big deal, our first full team gathering! i wanted to call on a few people. ashley, ashley marshall... here. since we're often all on the move, ashley suggested we use fedex office to hold packages for us. great job. [ applause ] thank you. and on a protocol note, i'd like to talk to tim hill about his tendency to use all caps in emails. [ shououting ] oh i'm sorry guys. ah sometimes the caps lock gets stuck on my keyboard. hey do you wanna get a drink later?
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[ male announcer ] hold packages at any fedex office location. gerri: pretty soon that will be full of snow for american airlines, usair ways having a deal as early as next week. i gave you my take now let's bring in wreck, great to have you on. is was not tightly controlled secret but that will be huge. >> it will be a huge airline
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weeping over united airlines but you will seize cities with some that are perfectly located but smaller cities like phoenix or philadelphia may now have reduction. gerri: that is bad news. any other changes? >> the good news is it is financially stable they will invest in the product on aircraft recently purchased. but we will pay higher prices. but the good news is competition is almost all gone the other than southwest fighting, but people's wallets control ticket prices but of people don't have enough money to spend it keeps prices from going up and people don't have enough money to buy
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expensive tickets. airlines have tried to raise prices and it failed twice this year. gerri: over lunch period comic take up the impact of inflation, what happened to price? >> we saw a price increase of five point* 5%. so it is well above the age well above inflation but and linseed prices going up much higher. it is hard to charge somebody family of four will not take a trip. gerri: talk about the major overlapping routes when you look at this the graphic shows the routes overlap
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there will have great service or pour service. phoenix could get production? >> it could because dallas is of better hub because of the central location with the next on the west coast and charlotte on the east i don't see drastic cuts at a see a lot of drastic cuts but in getting a little more expensive, because they will be felt the big cities and then get less frequent flights and less competition and higher prices no matter what. gerri: there is a chance it won't happen in what is the likelihood it fails? >> it is pretty low.
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they will vote on monday with american and then the abortive u.s. airways. then regulatory issues and vagrancy corporation. we see three other mega mergers sales grew, it will be months maybe even 18 months, but i don't see anything stopping the train. gerri: i'll see anything other than higher fares pulling out of the station. have a great weekend. what do you think? are airline mergers good or bad for consumers? log on to gerriwillis.com. top five, combined airline is expected to be called american airlines, that is
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standard but there are initials that will look funny hanging off your suitcase that is the top five for the number five, kfc, number 41st error of canada but they call that of the north for some reason they call it fab. number three is fat. number two it is fee number one sux that is what you see on your ticket going to sue a city iowa.
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wtf is airline speak. and a fight over apple being fair to shareholders and the secretary says it will be a crippling blow to defense hello congress stop n my next move, i take scottrade's free, in-branch seminars... plus, their live webinars. i use daily market commentary to improve my strategy. and my local scottrade office guides my learning every step of the way. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade... ranked "highest in customer loyalty for brokerage and investment companies."
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sandy hook negative three weeks until hit with another fiscal crisis, 1.2 trillion dollars over a decade decade, across-the-board spending cut targeted at nation's defense if congress doesn't act of obama reaffirmed he will not accept anything but more taxes for his solution.
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by ren joins me now, lawmakers don't have a lot of time. will they stop sequestration? >> as far as coming to new terms with sequestration, they like it with the budget control act is written every program concerned you cannot cut the bad ones, a just cut them all but it is probably the only way to get spending cuts out of the administration because they already agreed. >> i am prepared, eager, anxious to do a big deal, a big package
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governed by crisis. >>. >> it includes more revenue. the president wants to say you agreed with the crisis, remember talking about loopholes and broadening the base, let's do that, we already raise taxes as a result, we will not do any more of that. gerri: taxes is what they mean. republicans have been at odds over sequestration but now they say they have a plan. >> the president gave us a proposal, cuts, defense spending once again, i have 500 billion of new taxes
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taxes, and also cuts from domestic spending. it is irresponsible, and acceptable, it leaves the troops and economy and ready to face the cuts. gerri: he proposes a patch that would cut only 10 percent of the workforce. is that the way to go? or do we avoid sequestration altogether? >> probably not going to work for greg has been tossed around to reduce the federal workforce by attrition and for every three people that leave voluntarily only replace with one. over 10 years says with the sequestration would save in one year. it is a patch to come up something else but a lot of
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republicans believe the president will not agree to other big cuts without tax revenues. republicans come to the idea, which they designed to me so unpalatable, it would be more rational cuts, but republicans say it is the lot and it will happen so we won't do anything. gerri: we have not seen out for a long time. we will continue to follow the story. come back and tell us your opinions, a fascinating topic. thank you so much. changing opinions of electric cars, is apple being fair to shareholders?
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one says yes another says who do you thank you are?
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gerri: apple has a lot of challenges but the latest is
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angry investors suing the tech dinette -- giant, from green light capital among the wealthiest individuals in america claiming shareholders should be given more of a cash pile hundreds of billions of dollars. the chief strategist joins me by telephone. this is a bad idea? why? >> not just david einhorn he's the only one who filed the lawsuit but bill miller came down and said basically the same thing. of the $137 billion that apple has a in cash. of course, that is an issue it is a huge catch -- cash position. we have already gotten some of it. apple declared a dividend that people thought they would not do paying 2.5%
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they're just waiting to make the acquisition to reinvest as they are requesting. both admitted they hold the stock for carver betty is upset it is down 15% year-to-date. gerri: no doubt he has lost money but i am not against it. what is wrong with activist shareholders? they never say anything about company policy but david tried to force microsoft to fire the ceo and shorted lehman brothers brothers, so what is wrong with the shareholder activism? >> nothing wrong totally but i think it takes it too far. he could get a position on
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the board or he could apply. here is the issue, the cash position has been like this for quarters it is not just a blowout quarter. gerri: so what? what does that make a difference? >> in 2007 companies did not do well or stockpile. gerri: how is that relevant today? >> right now apple is facing a similar slowdown i don't think it is bad to stockpile cash. gerri: you think they need the money? >> but not exactly return to shareholders. they have given everybody a dividend. they won't keep it for years and years. gerri: i wanted peace of the action. not a big piece.
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>> bid to guys have theorized if apple doubles dividend it is worth another $50. i dunno how they get to those numbers but cash is king because we don't know what is around the corner. gerri: for every 50 billion of preferred stock it could unlock $32 per share. >> the proxy says they cannot issue preferred stock so that is another of the gunfight. gerri: a lot of tension between the hedge fund managers in new york and the west coast who sees the world very differently. it is good to have you on. get in front of a camera next time. >> we're getting a lot of snow. be careful. gerri: on this day in business 1964 more than 3,000 fans jammed jfk the
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beatles invaded the u.s.. arriving for there first visit and performance. with 73 million viewers the beatles performed for songs on "the ed sullivan show" making it one of the most watched performances of all time and made $4,000. the next 15 weeks the fab four control the charts selling 600 million albums worldwide 177 million in the u.s. and they made around $39 million -- they landed today 49 years ago. our airline mergers girder bad for consumers? bad for consumers? stay with usç@2x@x@x@x@x@x@@ i'm lorenzo.
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